24 Oct '14, 4pm

Australia Seeks to Reduce Renewable Energy Target to ‘Real’ 20 Percent

Australia Seeks to Reduce Renewable Energy Target to ‘Real’ 20 Percent

Industry Minister Ian Macfarlane said he was “reasonably confident” the target would be reduced from the current 41,000 gigawatt-hours of electricity from renewable projects to between 26,000 and 28,000. While negotiations with Labor will start today, legislation is unlikely to be passed this year, Macfarlane said. A government-appointed panel recommended in August that Australia weaken or phase out the target in favor of a lower-cost approach to cutting greenhouse-gas emissions. Speculation that Australia will dismantle the RET has unsettled an industry that has seen A$20 billion ($17.6 billion) of investment since the country set goals for clean energy in 2001. Origin Energy Ltd. and other large utilities have opposed the requirement that Australia produce 41,000 gigawatt hours of electricity from large-scale renewable projects by 2020. The government says the gigawatt-h...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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